Reality star-turned entrepreneur Kylie Jenner won't be stepping away from her successful cosmetics company quite yet, according to her mother and "Momager," Kris Jenner.

The 20-year-old launched Kylie Cosmetics in 2015, with the $29 Kylie Lip Kit. A year and a half later, the e-commerce-based company reported an estimated $420 million in sales from a variety of cosmetic products for lips, eyes and skin.

"She's just scratched the surface. There is so much more to do with the brand. There are so many pieces of the puzzle to put together to create an entire line of cosmetics," Kris told CNBC during an exclusive interview at the WWD Retail CEO Summit.

Kris does not discount the power of the Jenner-Kardashian brand when considering Kylie's runaway success.

Kylie Cosmetics has no investors and no outside financial backing, according to Kris. Kylie owns it all.

And as for advertising, the 20-year-old can thank her famous family for that, too. The Jenner-Kardashian crew has hundreds of millions of combined social media followers. Kylie leans heavily on her social media presence to promote her products, and it's working.

The viral popularity among teenage girls has attracted attention from big beauty brands, though Kris would not say which. Instead she said teased rather cryptically that "there is interest" and "we have talked to a few people."

For now, Kylie Cosmetics remains independent, but that doesn't mean it isn't growing. The company hopes to broaden distribution and firm up a retail model to better serve an international audience.

And no matter which big name brand partnerships may arise in Kylie Cosmetics' future, Kris insists Kylie will be working closely with the brand for years to come.

"I don't think she sees herself stepping away from this brand for many years," Kris said.